Bitcoin’s Correlation With Wall Street Continues to Prove Itself
It is extremely clear that there is a high level of correlation between bitcoin and the stock market on Wall Street. According to a new report “On a 90-day basis, the correlation between the daily percent returns of the cryptocurrency and the S&P 500 is 33 percent, the highest since the cryptocurrency started gaining public attention in January 2016.” The previous high of the last two years was only at around 19%, which is much lower.
Bitcoin Cash Shoots up in Value
The coin known as bitcoin cash has managed to shoot up by quite a large amount during trading on Thursday, February 8th. The coin has struggled with a bout of weakness for sometime, but after an almost 40% surge today, it looks like things could be looking up for the coin. The coin was valued at as much as $1,317.27, during press time, but it does look like it could continue to rise. According to the market research website coinmarketcap.com, the coin has risen as much as 38% from its most recent low. The coin is also 72% higher than it was as of Tuesday, two days ago.
CEO of Ripple Earns More Than You Think
As the CEO of Ripple and former Hightail CEO, Brand Garlinghouse has amassed quite a fortune for himself. Given that he currently has a 6.3% stake in Ripple, the company is worth almost $95 billion. This leads Garlinghouse to quite a hefty networth that many thought would not be possible in the crypto world. According to a new report “Though Ripple controls 61.3 billion XRP, holdings that total $95 billion in value, Ripple’s own venture capitalists value the company at only $410 million.